Logz.io, a tech company with Israeli roots and $100 million in total funding, is planning to double its current local workforce of 55 employees in the next 12 months, according to CEO Tomer Levy.
Levy added that the company, which provides analytics software for IT teams and software engineers, will move to a new office space in July this year to accommodate the growing headcount.
Founded in 2014 in Tel-Aviv, Logz.io (pronounced “Logz-eye-oh”) announced on Wednesday it raised $52 million in Series D funding. The round is led by new investor General Catalyst with participation from OpenView, which led the company’s Series B and Series C rounds, and other investors.
Logz.io says the company more than doubled its business in 2018 and it serves more than 700 companies, including The Economist, Unity, British Airways, Symantec (Nasdaq: SYMC) and Schneider Electric. Levy declined to disclose revenue figures.
In its current office at 263 Summer St., Logz.io employs 55 people out of a total workforce of 175. The Boston team, which includes five executives, focuses on marketing, sales and customer success, and it has a “small but growing” engineering team, Levy said. The new hires will be in business development, marketing and sales, as well.
The new office, on the ground floor of 253 Summer St., has room for around 100 people, Levy said. The move is slated to be complete at the beginning of July.
“We help companies analyze data, and the reason we do it is to be able to prevent outages to their systems,” Levy said. “If (readers) go to The Economist’s (online) pages, and it’s slow, pictures are not loading, they’re going to be frustrated. We help software engineers prevent those issues, we help them make sure the website is performing … We built (these capabilities) using open source technology that can do it, but we make it much better and much more accessible.”
Logz.io is one of many software Israeli-rooted companies that are co-located in Boston and Israel. In April, Israeli-Boston cybersecurity firm Tufin Software Technologies Ltd. (NYSE: TUFN) went public on the New York Stock Exchange and is now trading with a market cap of approximately $697 million.
Between 2015 and 2018, a total of 55 companies with Israeli roots established a presence in Massachusetts, according to statistics from the New England-Israel Business Council, a nonprofit association that fosters business ties between Israel and the region.
83North, Giza Venture Capital, Vintage Investment Partners, Greenspring Associates and Next47 participated in Logz.io’s latest the round.
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